BRITISH PETROLEUM ANALYSIS

British Petroleum Analysis

British Petroleum Analysis

Introduction

The Great Britain was a dominant industrial and maritime power of 19th century. The British ruled one fourth of the earth in and prior to 20th century. The present advance in literature, and democratic political system is a gifted to world by the British ruler. The United Kingdom consists of England, one sixth of island (part of Ireland) in North Sea and north western Atlantic sea. The main areas include England, Wales, Scotland, and north Atlantic islands of Wight, Hebrides and Shetland. The UK is the first nation to witness industrial revolution in early 1990. The great invention of steam engine was done in England and it helped in subsequent industrialization of Britain. After World War II the United Kingdom emerged as a strong and developed economy of the world. After emergence of 25 European country as European economic union, The UK bears lot of importance in terms of international economic development, International business . The UK , a leading trading power and financial centre is one of the trillion dollars economy of western Europe. The GDP growth for UK was average 2.8% in last 5 years, it has export growth of 5.6% in last 10 years, It is ranked as number 3 in natural gas production and 10th as oil producing country with the average production of 2463 barrels/day for 2003. The Britain is worlds 4th most educated nation with unemployment level below 5%. The UK has still continued with its historical currency called “Sterling Pound” even after the European Union decided to operate with single currency between the members. The UK has seen very fast growth of its service sector in last two decades , mainly related to banking, Insurance , Foreign exchange ,telecommunication , international shipping services. The London, capital of UK has its own importance as it has biggest foreign exchange market of the world. The UK has consistent and sustainable growth as a one of the important developed country of the world. Over last two decades government has greatly reduced public ownership in line with free market economy and privatization. The country has higher reserve of coal, natural gas and oils The surrounding countries like France, Germany, Italy, Spain and Netherlands are all have very important place in the world due to eminent membership of EU and their advance technological excellence and competitive advantage to match the pace with the globalization and free trade regime. The United Kingdom is a member of WTO, UN Security Council, and OECD, EEU etc. The economy has however taken a down turn in last two years mainly due to bursting of the bubble of new economy, Global down turn in 2001 to 2003 and high value of “sterling pound” making exports and manufacturing costlier. How ever the Economy of The United Kingdom has remained strongest in Europe with lower inflation, interest rate and lowest unemployment rate.

Global Oil Industry

Oil has been a major driving force in the dynamics of global politics and ...